METLIFE AND METLIFE FOUNDATION MAKE A $30 MILLION MULTI-YEAR COMMITMENT TO SUPPORT UPSTATE NEW YORK
As part of this commitment, MetLife Foundation announces a $1 million impact investment to Launch NY, its largest single contribution to the region to date.
NEW YORK, November 14, 2023
MetLife, Inc. (NYSE: MET) and MetLife Foundation today announced a $30 million multi-year commitment to support Upstate New York, which includes pledges of $5 million in funding and impact investments by the Foundation and $25 million in impact investments by MetLife. As part of this commitment, MetLife Foundation has made an impact investment of $1 million to Launch NY to promote entrepreneurship.
“I’m committed to lifting up every community in New York and helping people grow and thrive,” Governor Kathy Hochul said. “Thanks to public sector efforts and private sector investments like this one from MetLife, Utica and the Mohawk Valley are moving in the right direction. We’ll continue working with our partners to create jobs and opportunity for all New Yorkers.”
MetLife Foundation’s strategy centers on driving inclusive economic mobility and strengthening the communities where MetLife has a presence through three portfolio areas – Economic Inclusion, Financial Health and Resilient Communities. With MetLife employees living and working in the Utica area, the commitment by MetLife and the Foundation will provide ongoing support to the community and residents.
"As a company founded in New York, we are proud to be part of the state’s fabric and believe we have an important role in the communities we serve,” said MetLife President and CEO Michel Khalaf. “The commitment by MetLife and MetLife Foundation seeks to build upon existing efforts in Utica and the surrounding area to help all New Yorkers thrive.”
The $1 million impact investment by MetLife Foundation was part of the first close of Launch NY’s Seed Fund II, LP, a for-profit limited partner fund that invests in high-growth startup companies to drive local employment and entrepreneurship opportunities. The first close of the fund, targeted between $15 million and $20 million, is expected to accelerate commitments from other interested investors, as Launch NY remains the most active seed fund in New York state.
"MetLife Foundation’s investment enables us to create opportunities for talented entrepreneurs who will encourage growth and economic prosperity in Upstate New York,” said Dr. Marnie LaVigne, President and CEO of Launch NY. “We value their commitment to the region and look forward to building on our successful partnership.”
In addition to its impact investment to Launch NY, the Foundation has already made over $1.4 million in grants to Upstate New York non-profits including:
- Food Bank of Central New York, to address food insecurity through the expansion of their weekend meal program for school-age children and Mobile Food Pantry.
- Community Foundation of Herkimer & Oneida Counties, to bridge the gap between community and resources through workforce development, neighborhood revitalization, and resident engagement.
- Munson, to broaden access to their gallery spaces by making them accessible to visitors with mobility limitations, and summer workshops for local children and teens at no cost.
To learn more about the work of MetLife Foundation, visit www.MetLife.org.